$PRKS
United Parks & Resorts Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018012480 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $217.2M $186.4M
YoY Change 16.53% -15.38%
Cost Of Revenue $172.5M $171.8M
YoY Change 0.41% -12.92%
Gross Profit $44.60M $14.60M
YoY Change 205.48% -36.24%
Gross Profit Margin 20.54% 7.83%
Selling, General & Admin $63.52M $52.42M
YoY Change 21.19% -22.18%
% of Gross Profit 142.43% 359.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.40M $38.90M
YoY Change -1.29% -48.13%
% of Gross Profit 86.1% 266.44%
Operating Expenses $63.52M $52.42M
YoY Change 21.19% -22.18%
Operating Profit -$66.15M -$76.74M
YoY Change -13.8% -35.82%
Interest Expense $19.91M $18.26M
YoY Change 9.05% 25.24%
% of Operating Profit
Other Income/Expense, Net -$63.00K $86.00K
YoY Change -173.26% -39.44%
Pretax Income -$86.12M -$102.9M
YoY Change -16.33% -23.19%
Income Tax -$23.28M -$41.80M
% Of Pretax Income
Net Earnings -$62.84M -$61.13M
YoY Change 2.81% -27.27%
Net Earnings / Revenue -28.94% -32.8%
Basic Earnings Per Share -$0.73 -$0.72
Diluted Earnings Per Share -$0.73 -$0.72
COMMON SHARES
Basic Shares Outstanding 86.21M 85.37M
Diluted Shares Outstanding 86.21M 85.37M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.30M $33.20M
YoY Change 18.37% -20.0%
Cash & Equivalents $40.65M $33.22M
Short-Term Investments
Other Short-Term Assets $19.90M $28.10M
YoY Change -29.18% 48.68%
Inventory $37.60M $33.48M
Prepaid Expenses
Receivables $56.40M $41.24M
Other Receivables $0.00 $0.00
Total Short-Term Assets $153.4M $136.1M
YoY Change 12.75% -5.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.691B $1.678B
YoY Change 0.82% -1.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $73.00M $45.50M
YoY Change 60.44% -18.31%
Total Long-Term Assets $2.005B $2.237B
YoY Change -10.38% -1.6%
TOTAL ASSETS
Total Short-Term Assets $153.4M $136.1M
Total Long-Term Assets $2.005B $2.237B
Total Assets $2.158B $2.373B
YoY Change -9.05% -1.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.2M $111.8M
YoY Change 11.99% -3.04%
Accrued Expenses $38.70M $23.30M
YoY Change 66.09% 2.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $78.70M $91.50M
YoY Change -13.99% -0.44%
Total Short-Term Liabilities $388.7M $367.8M
YoY Change 5.68% -6.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.499B $1.518B
YoY Change -1.26% -1.82%
Other Long-Term Liabilities $32.70M $49.30M
YoY Change -33.67% -14.71%
Total Long-Term Liabilities $1.532B $1.567B
YoY Change -2.28% -2.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $388.7M $367.8M
Total Long-Term Liabilities $1.532B $1.567B
Total Liabilities $1.920B $1.967B
YoY Change -2.38% -2.42%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $238.1M $405.8M
YoY Change
Total Liabilities & Shareholders Equity $2.158B $2.373B
YoY Change -9.05% -1.81%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$62.84M -$61.13M
YoY Change 2.81% -27.27%
Depreciation, Depletion And Amortization $38.40M $38.90M
YoY Change -1.29% -48.13%
Cash From Operating Activities $20.32M $5.700M
YoY Change 256.44% -82.3%
INVESTING ACTIVITIES
Capital Expenditures $45.82M $56.85M
YoY Change -19.4% 18.82%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$45.82M -$56.90M
YoY Change -19.47% 19.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.927M $1.006B
YoY Change -99.41% 23792.12%
Cash From Financing Activities 32.16M 16.40M
YoY Change 96.09% -56.61%
NET CHANGE
Cash From Operating Activities 20.32M 5.700M
Cash From Investing Activities -45.82M -56.90M
Cash From Financing Activities 32.16M 16.40M
Net Change In Cash 6.654M -34.79M
YoY Change -119.13% -254.63%
FREE CASH FLOW
Cash From Operating Activities $20.32M $5.700M
Capital Expenditures $45.82M $56.85M
Free Cash Flow -$25.51M -$51.15M
YoY Change -50.14% 226.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AdmissionsRevenue
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CY2018Q1 seas Food Merchandise And Other Revenue
FoodMerchandiseAndOtherRevenue
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CY2017Q1 seas Food Merchandise And Other Revenue
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CY2018Q1 us-gaap Revenues
Revenues
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CY2017Q1 us-gaap Revenues
Revenues
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CY2018Q1 seas Cost Of Food Merchandise And Other Revenues
CostOfFoodMerchandiseAndOtherRevenues
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CY2017Q1 seas Cost Of Food Merchandise And Other Revenues
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CY2018Q1 us-gaap Other Cost And Expense Operating
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155473000
CY2017Q1 us-gaap Other Cost And Expense Operating
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CY2018Q1 us-gaap Selling General And Administrative Expense
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CY2017Q1 us-gaap Selling General And Administrative Expense
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CY2018Q1 seas Restructuring Charges And Other Separation Costs Incurred
RestructuringChargesAndOtherSeparationCostsIncurred
8835000
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2017Q1 us-gaap Depreciation And Amortization
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CY2018Q1 us-gaap Costs And Expenses
CostsAndExpenses
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CY2017Q1 us-gaap Costs And Expenses
CostsAndExpenses
263092000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-66147000
CY2017Q1 us-gaap Operating Income Loss
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-76735000
CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2017Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Interest Expense
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CY2017Q1 us-gaap Interest Expense
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CY2017Q1 seas Loss On Early Extinguishment Of Debt And Write Off Of Discounts And Debt Issuance Costs
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CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q1 us-gaap Income Tax Expense Benefit
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CY2017Q1 us-gaap Income Tax Expense Benefit
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CY2018Q1 us-gaap Net Income Loss
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-62844000
CY2017Q1 us-gaap Net Income Loss
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-61129000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
7491000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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CY2018Q1 us-gaap Comprehensive Income Net Of Tax
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CY2017Q1 us-gaap Comprehensive Income Net Of Tax
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CY2018Q1 us-gaap Earnings Per Share Basic
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CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2018Q1 us-gaap Earnings Per Share Diluted
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CY2017Q1 us-gaap Earnings Per Share Diluted
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2018Q1 seas Adjustments To Previous Dividend Declarations
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-47000
CY2017Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2017Q1 us-gaap Gain Loss On Disposition Of Assets1
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CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Proceeds From Issuance Of Debt
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CY2018Q1 us-gaap Repayments Of Long Term Debt
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CY2017Q1 us-gaap Repayments Of Long Term Debt
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CY2018Q1 us-gaap Proceeds From Lines Of Credit
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CY2017Q1 us-gaap Proceeds From Lines Of Credit
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CY2018Q1 us-gaap Repayments Of Lines Of Credit
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CY2017Q1 us-gaap Payments Of Debt Issuance Costs
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CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2018Q1 us-gaap Proceeds From Stock Options Exercised
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2017Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2018Q1 seas Dividends Declared And Unpaid
DividendsDeclaredAndUnpaid
136000
CY2017Q1 seas Dividends Declared And Unpaid
DividendsDeclaredAndUnpaid
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CY2018Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets.&nbsp;&nbsp;Actual results could differ from those estimates.</p></div>
CY2018Q1 seas Number Of Theme Parks
NumberOfThemeParks
12
CY2018Q1 seas Number Of Theme Parks Opened For Portion Of Period
NumberOfThemeParksOpenedForPortionOfPeriod
7
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2018Q1 us-gaap Nonmonetary Transaction Amount Of Barter Transaction
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CY2017Q1 us-gaap Deferred Revenue Additions
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CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
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CY2017Q1 us-gaap Deferred Revenue Revenue Recognized1
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CY2018Q1 seas Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
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CY2017Q1 seas Deferred Revenue Other Adjustments
DeferredRevenueOtherAdjustments
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CY2018Q1 us-gaap Deferred Revenue
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2018Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2018Q1 us-gaap Long Term Debt Fair Value
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CY2018Q1 us-gaap Interest Payable Current
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CY2017Q4 us-gaap Interest Payable Current
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CY2018Q1 us-gaap Self Insurance Reserve Current
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CY2017Q4 us-gaap Self Insurance Reserve Current
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CY2018Q1 us-gaap Other Accrued Liabilities Current
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CY2017Q4 us-gaap Other Accrued Liabilities Current
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CY2018Q1 us-gaap Loss Contingency Accrual At Carrying Value
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CY2018Q1 us-gaap Debt Instrument Carrying Amount
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CY2018Q1 us-gaap Debt Instrument Unamortized Discount
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CY2017Q4 us-gaap Debt Instrument Unamortized Discount
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2018Q1 us-gaap Amount Of Ineffectiveness On Net Investment Hedges
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CY2017Q1 us-gaap Amount Of Ineffectiveness On Net Investment Hedges
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CY2018Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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CY2018Q1 us-gaap Interest Rate Derivative Assets At Fair Value
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CY2017Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
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CY2018Q1 us-gaap Derivative Instruments Gain Recognized In Other Comprehensive Income Effective Portion
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CY2017Q1 us-gaap Derivative Instruments Gain Recognized In Other Comprehensive Income Effective Portion
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CY2018Q1 seas Derivative Net Asset Position Aggregate Fair Value
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CY2018Q1 us-gaap Derivative Fair Value Of Derivative Asset
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CY2017Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2017 seas Transfers Between Fair Value Measurement Levels
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CY2017Q4 us-gaap Long Term Debt Fair Value
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CY2018Q1 seas License Agreement Term Description
LicenseAgreementTermDescription
The License Agreement has an initial term through December 31, 2031, with an automatic additional 15 year extension plus a five year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. On May 2, 2018, the Company announced that it plans to open a new Sesame Land in SeaWorld Orlando by Spring of 2019.
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
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CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
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323903
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CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2565420
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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18.78
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18.11
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18.65
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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14.17
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18.86
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19.14
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P7Y4M2D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y2M26D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
57000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
15000
CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000
CY2018Q1 seas Severance Costs Incurred Separate From Restructuring Plan
SeveranceCostsIncurredSeparateFromRestructuringPlan
6700000

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